Catering equipment giant Nisbets has confirmed it is making 437 redundancies across the group as it ends its restructure.
In May, the company, which employs 1,500 people in the UK and Ireland, warned as many as 800 roles could be lost - but today (August 4) the business said it had managed to save 263 roles.
The company said its new customer strategy and its range of products have enabled it to mitigate the downturn "better than expected" and reduce the total number of job losses.
Nisbets began its restructuring process after the hospitality sector was hit by the coronavirus pandemic and UK lockdown.
The business, which said it would decentralise its trading model across the group, has launched more than 300 new products since May.
The company said its new structure, global reach and business culture would ensure its "success".
Peter Sephton, vice chairman of Nisbets, said: "This is a sad and tough day for the business as we lose many hardworking and dedicated colleagues.
"The last few months have been challenging, but I am immensely proud of the whole team for how they have reacted to this unprecedented global crisis.
"Many have worked tirelessly throughout this crisis to re-position our business to a new normal, and we are especially grateful to them.
“Nisbets’ success has always been down to the commitment, dedication and loyalty of our colleagues, and I would like to pay tribute to those colleagues who will sadly leave the business and thank them for their service."
Mr Sephton added: “We are absolutely committed to serving our customers as they continue to go through an uncertain time.
"The new structure will enable us to better serve them with new products, delivering them reliably and quickly.
“Nisbets continues to remain a strong business and I'm confident that our new operating model, combined with a renewed focus on customer needs and the hard work of our team, will ensure the continued success of the business, even though what will continue to be a tricky and fragile trading environment over the next 12 months and more."
